A new national poll released today by TD Waterhouse on the retirement plans of Canadian baby boomers has uncovered significant differences between men and women concerning their appetite to spend time living abroad. For both genders, however, health care coverage is the biggest factor in their decision to spend time outside of Canada each year.

Among all respondents, 45% say they will spend one month or more out of the country annually when they retire. However, significantly more men (52%) than women (37%) say they will do so.

Access to health care is the leading factor in Canadians’ decision to spend time abroad each year, with 94% of respondents citing it (72% say it is very important, 22% say somewhat important). Concern about the quality of health care outside Canada comes next, with 84% citing it (53% say it is very important, 31% say somewhat important). On both access to health care and quality of health care, women’s responses are similar to men’s, although somewhat more pronounced.

However, women are significantly more concerned on several key factors regarding living abroad. For example:

> 91% of women worry about being able to afford living outside of Canada vs. 77% of men;

> 81% of women are worried about being away from family or friends vs. 65% of men;

> 67% of women are concerned about getting into a retirement home when they need it vs. 49% of men; and

> 81% of women are concerned about their personal safety and the crime rate in foreign countries vs. 72% of men.

“Clearly women and men hold different views about living abroad in retirement, particularly whether or not they can afford it. This can be a big problem when couples are planning their retirement together,” says Patricia Lovett-Reid, senior vp, TD Waterhouse. “It is very important for couples to have a discussion well in advance and work with a financial professional to develop a retirement plan.”
Conducted by Angus Reid Strategies, the TD Waterhouse “Snowbird Survey” consists of 1000 online interviews completed between September 10-15, 2008 with Angus Reid Forum panelists aged 50-65 from across Canada. The poll’s margin of error is +/-3.1%, 19 times out of 20.